20th CCP Congress: China opposes protectionism, decoupling, says Xi

China opposes protectionism, the erection of fences and barriers, decoupling, disruption of industrial and supply chains, unilateral sanctions, and maximum-pressure tactics, President Xi Jinping said on Sunday, apparently hitting out at the US.

China adheres to the right course of economic globalisation, he told the key Congress of the ruling Communist Party here.

The 20th Congress in its weeklong session starting from Sunday is widely expected to endorse a record third five-year term for Xi who also heads the party and the military.

China strives to promote trade and investment liberalisation and facilitation, advance bilateral, regional, and multilateral cooperation, and boost international macroeconomic policy coordination, Xi said.

China opposes protectionism, the erection of fences and barriers, decoupling, disruption of industrial and supply chains, unilateral sanctions, and maximum-pressure tactics, he said.

Xi said China is committed to working with other countries to foster an international environment conducive to development and create new drivers for global growth.

The US has sectioned several Chinese high-tech firms including telecommunications equipment company Huawei which Beijing alleges was aimed at containing its development.

China is also one of the biggest benefactors of globalisation as it has emerged as the biggest exporter of goods to the world which propelled it to become the second largest economy in the world.

The Chinese president said the country will move faster to build a modernised economy, Xi said.

China will raise total factor productivity, make industrial and supply chains more resilient and secure, and promote integrated urban-rural development and coordinated regional development, so as to effectively upgrade and appropriately expand economic output, Xi said.

Efforts will be made to build a high-standard socialist market economy, Xi said.

“We will work to see that the market plays the decisive role in resource allocation and that the government better plays its role.”

The industrial system will be modernised, with measures to advance new industrialisation, and boost China’s strength in manufacturing, product quality, aerospace, transportation, cyberspace, and digital development, Xi added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)